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Summit Technology to Reorganize, Change Name

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WALTHAM, Mass., Apr. 5 -- Summit Technology Inc.'s board of directors has approved a restructuring of the company to fully integrate its laser vision correction businesses. The board also voted to change the name of the company to Summit Autonomous Inc., subject to shareholder approval. Summit said it plans to take a first quarter pretax restructuring charge of $3 million; it estimates that the reorganization will lead to a reduction of approximately 20 personnel. The company expects the annualized benefit of the restructuring to be $3 million. In addition, there will be a one-time...Read full article

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    Published: April 2000
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